{"id":6650,"date":"2022-10-11T14:15:59","date_gmt":"2022-10-11T14:15:59","guid":{"rendered":"http:\/\/ci02ad833c300024dd"},"modified":"2022-10-11T14:15:59","modified_gmt":"2022-10-11T14:15:59","slug":"bny-mellon-offers-bitcoin-custody","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/bny-mellon-offers-bitcoin-custody","title":{"rendered":"BNY Mellon Now Offers Bitcoin Custody Services: Report"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>BNY Mellon can now provide bitcoin custody services.<\/li>\n<li>The centuries-old institution won the approval of New York\u2019s financial regulator to begin offering the service.<\/li>\n<li>The move comes as institutions attempt to cater to a growing demand for cryptocurrency services.<\/li>\n<\/ul>\n<p>Bank of New York Mellon (BNY Mellon), the world\u2019s largest custodian bank, has launched bitcoin custody services, according to a report from the <a href=\"https:\/\/www.wsj.com\/amp\/articles\/americas-oldest-bank-bny-mellon-will-hold-that-crypto-now-11665460354\" target=\"_blank\" rel=\"noopener\">Wall Street Journal<\/a>.<\/p>\n<p>America\u2019s oldest bank said it would begin receiving clients\u2019 cryptocurrencies on Tuesday, becoming the first large U.S. bank to safeguard digital assets alongside traditional investments on the same platform, per the WSJ report.<\/p>\n<p>\u201cBNY Mellon won the approval of New York\u2019s financial regulator earlier this fall to begin receiving select customers\u2019 bitcoin and ether starting this week,\u201d per the report. \u201cThe bank will store the keys required to access and transfer those assets, and provide the same bookkeeping services on those digital currencies that it offers to fund managers for their portfolios of stocks, bonds, commodities and other assets.\u201d<\/p>\n<p>The move comes on the heels of other major financial institutions having jumped on the Bitcoin bandwagon.<\/p>\n<p>BlackRock, the world\u2019s largest asset management company with over $10 trillion in assets under management (AUM), announced in August that it would start <a href=\"https:\/\/bitcoinmagazine.com\/markets\/blackrock-to-offer-bitcoin-in-coinbase-partnership\">offering bitcoin trading and custody<\/a> in a partnership with Coinbase. The offering, available for BlackRock\u2019s institutional clients, would facilitate trading desk and custodial operations. Later that month, the asset manager shared that it was <a href=\"https:\/\/bitcoinmagazine.com\/markets\/blackrock-launches-spot-bitcoin-private-trust\">launching a spot bitcoin private trust<\/a> to cater to a growing demand for direct BTC exposure from clients.<\/p>\n<p>\u201cBitcoin is the oldest, largest, and most liquid cryptoasset, and is currently the primary subject of interest from our clients within the cryptoasset space,\u201d BlackRock said at the time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world\u2019s largest custodian bank can now receive and store customers\u2019 bitcoin and cryptocurrency, following a regulatory approval in New York.<\/p>\n","protected":false},"author":2572,"featured_media":6037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1247,1942,1941,93,331],"class_list":{"0":"post-6650","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bitcoin-custody","9":"tag-bitcoin-services","10":"tag-bny-mellon","11":"tag-news","12":"tag-wall-street"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitcoin-vault-safe.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/6650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=6650"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/6650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/6037"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=6650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=6650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=6650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}